India has lagged behind G20 nations in terms of job creation and the country needs to create 148 million additional jobs by 2030, considering population growth, IMF First Deputy Managing Director Gita Gopinath said on Saturday. Speaking at the Diamond Jubilee event at the Delhi School of Economics, Gopinath said India grew by an average of 6.6 per cent during the decade beginning in 2010, but the employment rate was less than 2 per cent.
“India needs basic reforms,” says Gopinath
“If you look at India’s population growth projections, the country will have to create 60-148 million additional jobs cumulatively between now and 2030. We are already in 2024, so in a short period of time we will have to create a lot of jobs,” he said. On the measures required, he said India will need basic reforms, including land reforms and implementation of labour codes.
“Private investment needs to be increased,” says Gopinath
In his speech in favour of greater private investment, he said that it is necessary to generate it, since it is not proportional to a 7% GDP growth. However, he said that public investment is going well, but private investment has to improve.
Gopinath calls for revamping the education system
He also stressed the need to modernize India’s education system to improve the skills of its workforce. In addition, he said, there is a need to further facilitate doing business, improve the regulatory environment and broaden the tax base.
(With PTI inputs)
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